Monero price analysis: Will possibly drag to low $65.73

Monero price rose above the seventy-two dollars mark as it was suspected after an upward push to seventy-five dollars ($75.70).

XMR has a twenty-four (24) hour trading volume of ninety-five million dollars ($95,519,093) while Monero itself trades for seventy-three dollars ($73.21) at the time of writing. The market capitalization value that XMR keeps is valued at one billion dollars ($1,263,574,081).

XMR has failed to break out of the downtrend line and thus it has been branded with a ‘sell’ tattoo. Monero price will continue on this track before it retests the recent low of sixty-five dollars ($65.7316). The bears will keep tugging it under from the sixty-five dollars ($65.7316) mark. Though the falling wedge is a bullish pattern, Monero hasn’t been playing by the rules.

Monero price doesn’t play nice

The falling wedge will serve as a salvation trend for Monero if XMR price rebounds to the upside. If the price keeps falling after a breakthrough then Monero price might go all the way to the fifty dollars ($50) mark.

The twenty (20) day exponential moving average (EMA) has taken a steep step and this makes it an easy feat for the bulls to push past it. The main challenge that the bulls will have to face will be the resistance line of the wedge.

The XMR/USD pair might turn to the topside if the bears loosen their grip on XMR. From then on we can expect XMR to move past the falling wedge resistance line. A new trend will be triggered from that point causing XMR to move past the seventy-five ($75) dollars mark.

The relative strength index (RSI) is not bullish at all. It lies in the red zone and is currently marked forty-two (42.58). The RSI will be continuing on this trend and will lift on a trend shift if the downwards moving wedge resistance is breached. The buy signal for Monero is still green.

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About The Author

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.